Local, good quality, property management companies (Silver Spring: renter, credit report, lawyer)

[lasershen111]

Any recommendations, reviews, opinions, etc?

Thanks!

[goldenage1]

Originally Posted by lasershen111

Any recommendations, reviews, opinions, etc?

Thanks!

Long and Foster does a lot of business with rental homes in Silver Spring, and I would have considered them. We are currently DIY landlords, because we met someone we trust. However, there are unexpected expenses. WE paid $75 for the rental license from MoCo. We also pay $165 *yearly* to a lawyer who just serves as an in-state address for us, in case someone serves papers. on us. That is a requirement to get the license in MoCo.

If you don't want to manage a rental yourself, the management companies earn their fees, IMHO.

[lasershen111]

Hmm... I didn't know that!

I still have family in state that would probably be willing to let me use their address. Is that allowed?

Also - are there in other things you seem to have to deal with? Did you just post your listing, and hold your own "interview" of the folks wanting to rent your house, or were they people you already knew?

I considered managing ourselves, but a lot of people said it's really difficult. Again my parents live close by and Dad would be able to help with little fix it things, and getting the right people to take care of any major issues. And we would only want to rent it out for a year or two, or until whenever we could sell it eventually.... I just don't see us being able to sell it for what it's worth right now.

[goldenage1]

Originally Posted by lasershen111

I still have family in state that would probably be willing to let me use their address. Is that allowed?

Also - are there in other things you seem to have to deal with? Did you just post your listing, and hold your own "interview" of the folks wanting to rent your house, or were they people you already knew?

I considered managing ourselves, but a lot of people said it's really difficult. Again my parents live close by and Dad would be able to help with little fix it things, and getting the right people to take care of any major issues. And we would only want to rent it out for a year or two, or until whenever we could sell it eventually.... I just don't see us being able to sell it for what it's worth right now.

Here's the rental license application, and the price is $98/year now: http://www.montgomerycountymd.gov/co...licenseapp.pdf Reading the application, it might be OK to use your parents address.

We met our renter by word of mouth from a neighbor, but that was a unique situation. If you manage it yourself, you should probably ask the person to bring a copy of their credit report when you interview them.

Getting things repaired has been a pain, so having your father nearby would help. Our lease set a limit of $200 for routine maintenance items. That is, we would pay for things above $200. You also have to be very careful about potential liability issues. For example, we paid a lot to get the trees trimmed, so they wouldn't fall on a child or the roof.

[lasershen111]

Originally Posted by goldenage1

Here's the rental license application, and the price is $98/year now: http://www.montgomerycountymd.gov/co...licenseapp.pdf Reading the application, it might be OK to use your parents address.

We met our renter by word of mouth from a neighbor, but that was a unique situation. If you manage it yourself, you should probably ask the person to bring a copy of their credit report when you interview them.

Getting things repaired has been a pain, so having your father nearby would help. Our lease set a limit of $200 for routine maintenance items. That is, we would pay for things above $200. You also have to be very careful about potential liability issues. For example, we paid a lot to get the trees trimmed, so they wouldn't fall on a child or the roof.

Very true. Many things to consider! Thanks for the input!!